Trading strategy for Arbitrum $ARB

🔵 General Trend:

Current Price: The current price is approximately $0.79.Trend: The trend is bearish since the price peaked near $2.29.

🟢 Key Levels:

Support: There’s strong support around $0.73. This level has seen significant buying interest.

Resistance: The resistance levels are at $1.25, $1.60, and finally at $2.28. Breaking these could signal an uptrend, especially with higher volume.

🔴 Technical Indicators:

RSI and Stochastic RSI: Both the RSI and Stochastic RSI indicate an oversold condition, suggesting a potential reversal.

Cumulative Volume Delta (CVD): The CVD is negative, indicating continued selling pressure.

Open Interest: The open interest is stable, indicating sustained interest from traders.

Funding Rates: The funding rates are slightly positive, suggesting short-term positive sentiment.

🔵 Trading Strategy:

Entry Point: Consider entering the trade at $0.75, which is close to the support level.

Take Profit: Consider exiting the first position at $1.00 for an approximate 33% profit, then at $1.25 for an approximate 67% profit.

Stop-Loss: Set your stop-loss around $0.70, protecting below support.

🟢 Liquidity and Trend Analysis:

Data from CoinGlass: Heatmaps show increased liquidity at higher price levels, suggesting a potential rebound. Other data supports the possibility of a rebound with the presence of support and stability in open interest.

In summary, despite the current downtrend, there’s potential for a rebound around $0.75, offering opportunities with careful strategy and risk management. 

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